I owe, we owe. But austerity? I don't know ...

I generally skip past stories about the national budget deficit, having a difficult time comprehending the significance of any number with a dozen zeroes attached to it.

But the deficit hit close to home after I read that the nation's credit rating had been adversely affected by its debt.

I get that. I've been there.

My wife and I -- she, I should point out, is not a willing partner in all of my financial dealings, especially those involving boats and Craigslist -- have taken on so much debt that our credit rating, too, has been ... adversely affected.

So I feel a common bond with President Obama. I feel I'm in a unique position to offer him some advice on how to deal with debt.

First, hold to your core values if the majority of the debt has gone for such noble causes as feeding the poor, protecting freedom, dealing with catastrophic events and educating our youth.

In our case, much of our current credit card debt -- which, to spare my wife embarrassment, I will describe only as significant -- has been linked to the education of our three children. We can live with that.

Several years ago, we visited a financial planner when we were weighing the possibility of buying a lake cabin. The planner spent most of the time describing his own well-balanced portfolio, then laughed at the notion that we could afford a cabin. Two weeks later we got a bill for $300.

We bought the cabin. Despite the plummeting real estate market, it has been one of our best investments, both from a financial and mental health perspective. Thoreau had his Walden, we have ours.

Of course, I'm not so naïve as to suggest that you never have to come up with a plan to cut into the deficit. My own lousy credit rating, coupled with this spring's college graduation of our youngest child, is that watershed point for us.

I have pledged to address our debt with all the zeal of a right-wing fiscal conservative. Although, if I find a steal on a boat ...

Forgive me. I digress.

If we're a caring nation, those programs have to remain our top priority.

And the government has the option of doing that and still cutting into its deficit. It can choose to raise taxes. While I of course think the most wealthy need to ante up, I'm happy to pay my modest share -- provided I can put it on a credit card.

I should add that I was astute enough to build up most of our debt on credit cards offering free airline miles. It got us to Europe for a nice vacation last summer, and I'm already close to a second trip next summer.

I can only hope our political leaders are that smart.

Dennis Brackin is a Star Tribune assistant sports editor.

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